This is the best time of year to list your home, according to Zillow

Data from the online listings portal Zillow reveals that Thursdays in late April might just be the best time to list for the greatest reward. The best time of year to list a house for sale is fast approaching, according to new data. Spring is home-selling season of course, but data from the online listings portal Zillow reveals that Thursdays in late April might just be the best time to list for the greatest reward. In a report released Thursday, Zillow found that homes listed in the second half of April could expect to sell for about 2.8 percent more — about $9,300 — than the typical United States home, while homes listed on Thursday, ahead of weekend showings, can expect to fetch $1,100 more than those listed on other days. “With inventory as low as it is, home sellers can expect a quick sale pretty much year-round,” Zillow economist Nicole Bachaud said in a statement. “Even as frantic buyers are snapping up homes days after they hit the market and often bidding them up above list price, there is still value to be had by listing a home during the right time of year, which is in the spring in most cases. This is a friendly market for sellers, but those who are simultaneously buying need a firm grasp on the right tools and strategies to win their next home.” While the current low-inventory market means homes are selling fast year-round, Zillow found the worst time for sellers to list a house to be the first two weeks of November, with homes listed then getting a 3.5 percent discount compared to the typical house. Still, the difference between the time of year when homes are selling the fastest — late January through April — versus the slowest — August — was only three days in 2021. In 2019 it was 12 days. These conditions vary by market, Zillow found. In Los Angeles, where there’s no winter weather to deter buyers, homes listed as late as December see a notable price benefit according to the study. In San Francisco, San Jose, Portland, and Austin, the best time to list a home starts as early as mid-February. The potential sale price difference varies from market to market too. Houses listed in Los Angeles in late December could expect to fetch $25,000 more than the typical local home sale, while those listed in August could expect to earn $17,900 less. In New York City, houses listed in late April could bring in over $8,800 more than is typical, while homes listed in late September typically sold for $8,200 less.   The post This is the best time of year to list your home, according to Zillow first appeared on Inman.com

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Mortgage rates surge, capping fastest rise since 1994

Mortgage rates last week jumped to their highest level in more than three years, which could bring the housing market frenzy to a close. The contract rate on a 30-year fixed-rate mortgage shot up to 4.8 percent in the week ended March 25 from 4.5 percent a week earlier, the Mortgage Bankers Association reported. That was the largest one-week increase since February 2011, and it brought mortgage rates to their highest level since December 2018. Rates have now climbed by nearly 1.5 percentage points since the start of the year, the most rapid increase since 1994. However, mortgage rates were at all-time lows a few months ago, and remain relatively low by historical standards. Rates have been steadily rising for the past few weeks. In its March 16 report, the MBA said the 30-year rose to 4.27 percent from 4.09 percent. The next week, it was up to 4.5 percent. Now, it’s 4.8 percent. That means at the beginning of a month, a borrower putting 20 percent down on a home costing $406,000 — the median price for a house — could expect to pay $1,959 monthly on a mortgage. Today, it would be $2,130. (The rates are for fixed-rate mortgages with conforming loan balances, meaning $647,200 or less. Rates for jumbo loans are traditionally higher, but at the moment are 40 basis points lower.) The industry is watching closely how buyers react to the rising rates. Some home shoppers accelerated their plans and increased their bids in an effort to close on a loan before rates went higher still. Higher rates mean higher monthly costs for borrowers, and figure to tamp down home prices eventually, but that hasn’t happened yet. “Even with the ongoing climb in rates, purchase application volumes were little changed lastweek,” said Mike Fratantoni, MBA senior vice president and chief economist. “This is particularly auspicious, as we are now in the beginning of the spring homebuying season, and those shopping for homes are struggling with not only higher and more volatile mortgage rates, but also an ongoing shortage of homes on the market.” But there are signs of change. Mortgage applications decreased 6.8 percent from one week earlier, probably because of rising mortgage rates and home prices and the paucity of listings. With rates rising, fewer owners are refinancing. The MBA’s refinance index decreased 15 percent from the previous week and was 60 percent lower than the same week one year ago. Only 40.6 percent of mortgage applications last week were for refinancing, down from 44.8 percent last week.   The post Mortgage rates surge, capping fastest rise since 1994 appeared first on The Real Deal South Florida. (iStock / illustration by Ilya Hourie for The Real Deal)

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Condo prices hit all-time high: Redfin

Americans who can no longer afford houses might now be priced out of condos, too. The typical U.S. condominium unit sold for a record $319,000 last month, or 14.6 percent more than a year ago, according to a new report from Redfin. The increase was caused in part by a shortage of listings for houses — whose median price is up to $406,000 — causing home shoppers to look at condos instead. The condo market is still not as cutthroat as that for detached homes. Nearly 75 percent of detached-home sales in February involved bidding wars, compared with just under 65 percent of condo sales. But condos have kept heating up as more buyers are priced out of the detached-home market. “The condo market has bounced back,” said Chance Glover, a Redfin manager in Boston. “People are no longer afraid to live downtown, close to the crowds — and they often prefer it, because they’re close to the office and all the amenities of the city. Rising prices are pushing single-family homes out of reach for a lot of buyers, so condos are affordable in comparison.”   fell 28 percent over the past year, twice as much as for single-family homes, and 40 percent of condos are selling over their asking price. (It is a dramatic shift from the beginning of the pandemic, when remote work and other factors caused sales to drop 48 percent.) The median condo price in Miami rose to $383,000, an increase of nearly 33 percent year-over-year. Inventory fell by roughly 30 percent over the same period. Condo sales and prices rose in Broward and Palm Beach counties. In New York, the median condo price rose by 11 percent to $599,000. A recent pipeline report from Corcoran projected that condo development would lag in the coming years as a result of the pandemic hampering construction. Experts say that could keep the market tight for a while yet.   The post Condo prices hit all-time high: Redfin appeared first on The Real Deal South Florida. (iStock/Illustration by Kevin Rebong for The Real Deal)

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